In modern monetary systems most money is created by commercial banks; we review how private money in the form of deposits circulates and discuss its possible tokenization. We show that a compelling case for the tokenization of bank deposits exists irrespective of the debate regarding central...

In order to evolve beyond bitcoins, which are still speculative, volatile and small in terms of market cap, cryptocurrencies need decentralized financial intermediaries. In this work we first show that one fundamental role they can take regards price stability. The Economist and the Center for...

This paper presents the implementation of a derivative market on a public blockchain. Managing derivatives on a distributed system requires a careful re-design of the derivatives business model. The implementation presented here provides many of the features financial professionals are used to,...

Given the potential benefits of blockchain, it is imperative to incorporate a stable decentralized governance structure capable of promoting network value and reliability through a set of community-agreed rules and behaviors. Political scientist Elinor Ostrom’s polycentric approach to...